Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 
(Mark One)

x
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
 
OR

o
TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.

Commission file number:  1-644

A. 
Full title of the plan and the address of the plan, if different from that of the issuer named below:

COLGATE-PALMOLIVE COMPANY EMPLOYEES SAVINGS AND INVESTMENT PLAN

B. 
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

COLGATE-PALMOLIVE COMPANY

300 PARK AVENUE, NEW YORK, NY  10022




COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Index to Financial Statements
 
 
Page
Report of Independent Registered Public Accounting Firm
 
 
Financial Statements:
 
 
 
Statements of Net Assets Available for Benefits as of December 31, 2015 and 2014
 
 
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2015
 
 
Notes to Financial Statements
 
 
Signatures
 
 
Supplemental Schedule:
 
 
 
Schedule of Assets (held at end of year)

All other schedules were omitted as they are not applicable or not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended and applicable regulations issued by the Department of Labor.

Exhibit:
23.1
Consent of Grant Thornton LLP




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Employee Relations Committee of the
Colgate-Palmolive Company Employees Savings and Investment Plan
 
We have audited the accompanying statements of net assets available for benefits of Colgate-Palmolive Company Employees Savings and Investment Plan (the “Plan”) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Colgate-Palmolive Company Employees Savings and Investment Plan as of December 31, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of Colgate-Palmolive Company Employees Savings and Investment Plan’s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements, but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.



/s/ GRANT THORNTON LLP
New York, New York
June 24, 2016






3

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Statements of Net Assets Available for Benefits
As of December 31, 2015 and 2014
(Dollars in thousands)


 
 
 
2015
 
2014
Assets
 
 
 
 
Cash
 
$
1,569

 
$
2,845

Investments at fair value
 
3,150,023

 
3,360,259

Receivables:
 
 
 
 

Employer contributions receivable
 
75

 

Participant contributions receivable
 
136

 
133

Due from brokers for securities sold
 

 
257

Notes receivable from participants
 
15,788

 
15,717

Total receivables
 
15,999

 
16,107

Total assets
 
3,167,591

 
3,379,211

 
 
 
 
 
Liabilities
 
 

 
 

Due to brokers for securities purchased
 
5,151

 
795

Long-term note payable to Colgate-Palmolive Company
 
12,690

 
20,129

Accrued interest on note payable
 
67

 
409

Total liabilities
 
17,908

 
21,333

Net assets available for benefits at fair value
 
3,149,683

 
3,357,878

Adjustments from fair value to contract value relating to fully benefit-responsive investment contracts
 
(4,637
)
 
(7,423
)
Net assets available for benefits
 
$
3,145,046

 
$
3,350,455



The accompanying notes are an integral part of these financial statements.

4

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2015
(Dollars in thousands)


 
Additions
 
Net investment income:
 

Interest
$
4,682

Dividends
58,409

Depreciation in the fair value of investments, net
(86,506
)
Interest expense on note payable
(810
)
Net investment income (loss)
(24,225
)
 
 
Contributions:
 
Employer contributions
5,684

Participant contributions
47,745

Total contributions
53,429

 
 

Interest income on notes receivable from participants
523

 
 

Total additions
29,727

 
 

Deductions
 

Administrative expenses
(2,835
)
Distributions to participants
(232,301
)
Total deductions
(235,136
)
 
 

Decrease in net assets available for benefits
(205,409
)
Net assets available for benefits – beginning of year
3,350,455

Net assets available for benefits – end of year
$
3,145,046



The accompanying notes are an integral part of these financial statements.

5

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
(Dollars in thousands, except as indicated)


1.    Description of the Plan

The Colgate-Palmolive Company Employees Savings and Investment Plan (the “Plan”) is a defined contribution plan sponsored by Colgate-Palmolive Company (the “Company”). The Plan is subject to the reporting and disclosure requirements, participation and vesting standards, and fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is also an employee stock ownership plan (“ESOP”). State Street Global Advisors (the “ESOP Trustee”), a division of State Street Bank & Trust Company, is the trustee of Funds D and E (the “ESOP Shares Trust”). The Bank of New York Mellon is the trustee of the remaining funds and the custodian of the Plan. Transamerica Retirement Solutions LLC (formerly Mercer HR Services LLC) is the recordkeeper of the Plan.
 
The Plan offers programs which include an employer match, a success sharing program, a retirement contribution program, a bonus savings account program, an income savings account program and a retiree insurance program. The provisions below, applicable to the Plan participants, provide only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

Employees eligible to participate in the Plan must meet certain minimum hourly service requirements and be at least 18 years old. Employees are eligible upon hire to participate in the Plan.

As of December 31, 2015, the Plan maintained the following funds:
Name of Fund  
Description of the type of investment
Short Term Fixed Income Fund
Guaranteed investment contracts and cash reserve funds
Colgate Common Stock Fund (Fund B)
Colgate-Palmolive Company Common Stock and cash reserve funds
Colgate Employer Common Stock Fund (Fund D)
Colgate-Palmolive Company Common Stock (the ESOP Shares Trust)
Colgate Common Stock Fund (Fund E)
Colgate-Palmolive Company Common Stock (the ESOP Shares Trust)
Vanguard Wellington Fund
Equity and fixed income securities where common stocks represent 60% to 70% of the fund’s total assets
Vanguard Institutional Index Fund (Admiral shares)
Equity securities included in the S&P 500 Index in proportion to their weighting in the index
American Funds EuroPacific Growth Fund
Normally invests at least 80% of its assets in stocks of companies in Europe and the Pacific Basin
Baird Core Plus Bond Fund

Normally invests at least 80% of its assets in a diversified portfolio of U.S. government, corporate, mortgage and asset-backed securities
Neuberger Berman Genesis Fund
Normally invests in stocks of companies with total market value of less than $2 billion at the time of the initial investment
Vanguard Extended Market Index
Invests in approximately 3,000 small and mid-cap stocks which account for about one-fourth of the market cap of the U.S. stock market
T. Rowe Price Growth Stock Trust
Normally invests 80% of its assets in the common stock of a diversified group of growth companies
Brandywine Classic Large Cap Value Fund
Primarily invests in dividend paying value stocks of large-cap companies
BlackRock LifePath Funds
Funds whose investment mix across a range of asset classes becomes more conservative as the target or maturity date approaches

6

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Employee Stock Ownership Plan

In 1989, the Company expanded its Employee Stock Ownership Plan (“ESOP”) through the introduction of a leveraged ESOP that funds certain benefits for employees who have met eligibility requirements.
During 2000, the ESOP entered into a loan agreement with the Company under which the benefits for the ESOP may be extended through December 2035. Repayments of principal and interest are funded through future contributions and dividends on stock held by ESOP Fund D, both paid by the Company to the ESOP. In addition, the Company guaranteed minimum funding of $130,000, on a present value basis, in excess of debt service requirements.

As of December 31, 2015 and 2014, the ESOP had outstanding loans from the Company of $12,690 and $20,129, respectively, bearing an average interest rate of 5.7% per year. The fair value of the outstanding notes payable to the Company was estimated at approximately $19 million and $31 million as of December 31, 2015 and 2014, respectively based on current interest rates for debt with similar maturities (Level 2 valuation). During 2015, the Company did not make any contributions to the ESOP.
 
Dividends on stock held by ESOP Fund D are paid to the ESOP and, together with cash contributions from the Company, are (a) used by the ESOP to repay principal and interest on the long-term notes, (b) credited to participant accounts, or (c) used to fund basic and additional basic retirement contributions.

A portion of the ESOP Fund D shares are released periodically for allocation to participants based on the ratio of debt service for the period to total debt service over the remaining scheduled life of all ESOP debt. As of December 31, 2015, 17,690,600 common shares (valued at $1,178,548) were released for allocation to participant accounts and the balance of 5,945,584 common shares (valued at $396,095) were available for future allocation to participant accounts. As of December 31, 2014, 18,489,250 common shares (valued at $1,279,271) were released for allocation to participant accounts and the balance of 7,648,548 common shares (valued at $529,203) were available for future allocation to participant accounts. The ESOP released shares are allocated to fund the employer portion of the various Plan programs described below.

Savings Program

Participant Contributions

Under the Savings Program, employees generally can contribute to the Plan between 1% and 25% of their recognized earnings (the greater of total compensation paid during the previous calendar year minus items such as reimbursement of moving expenses and special awards, or regular salary as of the most recent January 1, plus commissions and bonuses paid in the prior year). Employees who are not “highly compensated”, as defined by the Internal Revenue Code (“IRC”), may contribute any combination up to 25% of their recognized earnings on either a before-tax (subject to certain IRC limitations) or after-tax basis. Employees who are highly compensated may contribute as follows: those employees whose 2015 recognized earnings were less than $149.9 were limited to 16% of their recognized earnings, those employees whose 2015 recognized earnings were between $150.0 and $264.9 were limited to 12% of their recognized earnings and those employees whose 2015 recognized earnings equaled or exceeded $265.0 were limited to 8% of their recognized earnings. Participants may generally begin, suspend or resume contributions, change their contribution rate and the allocation of their contributions between before-tax and after-tax earnings on a daily basis. Plan participants are always fully vested in their contributions and related investment earnings. Under the IRC, the maximum allowable pre-tax contribution for participants was $18.0 for 2015. Participants who are expected to reach or are over the age of 50 during the Plan year and have made the maximum before-tax contribution are eligible to make additional catch-up contributions. Under the IRC, the maximum allowable catch-up contribution was $6.0 for 2015 on a pre-tax basis.

Employees may direct the investment of participant contributions to any of the Plan’s investment funds, other than Funds D and E, and may change how these contributions will be invested when allocated on a daily basis. Participants may, on a daily basis, diversify / transfer their participant account balances among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.



7

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Company Matching Contributions

The Company and wholly-owned subsidiaries to which the Plan has been extended, make matching contributions of 50% to 75% of employee contributions up to 6% of recognized earnings, depending on years of service and collective bargaining agreements. Company matching contributions for employees participating in the Savings Program were made in the form of common stock to Fund D from January through September 2015; beginning in October 2015, Company matching contributions are invested in the same manner as employee elections for investment of their participant contributions. Contributions made are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E. Participants are 50% vested in their Company matching contribution accounts after two years of service and fully vested after three years of service or, if while active, they reach age 55, become permanently disabled, die, or in the event of Plan termination.

Incoming Rollovers

The Plan permits incoming rollovers of before-tax money from Section 403(b) plans and governmental Section 457 plans, as well as both before-tax and after-tax money from other companies’ qualified plans. Participants may direct the investment of an incoming rollover to any of the Plan’s investment funds, other than Funds D and E. Participants may, on a daily basis, diversify / transfer their rollover balances among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Company Retirement Contributions Program

Effective January 1, 2014, all eligible employees, including employees who participated in the Company’s Employees’ Retirement Income Plan (“ERIP”) under the pre-July 1, 1989 plan formula generally receive Basic Retirement Contributions (“BRCs”) and Additional Basic Retirement Contributions (“ABRCs”) equal to 4% up to 15% of recognized earnings depending on years of service and prior eligibility status in the ERIP. Employees of Hill’s Pet Nutrition, Inc. who are covered by a collective bargaining agreement are not eligible for these Company retirement contributions.

Participating employees may direct the investment of Company retirement contributions to be allocated among any of the Plan’s investment funds, other than Fund E. These Company retirement contributions are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Fund D or E. Participants are 50% vested in their account after two years of service and fully vested after three years of service, or if while active, they reach age 55, become permanently disabled, die, or in the event of Plan termination.
 
Success Sharing Program

The Success Sharing Program is designed to enable the Company to share its financial success with employees.  Under the Success Sharing Program, a Success Sharing Account (“SSA”) has been established within the Plan for each eligible employee.  As the Company meets or exceeds annual financial targets, shares of common stock are allocated to employee accounts according to a pre-determined formula. This program is generally available to all employees in the United States who are participants in the Plan and are on the payroll from at least June 30 through the last day of the year. If the individual is eligible but was not employed for the entire year, the allocation will be prorated. Employees are at all times fully vested in the value of their SSA. Any allocation is initially credited to Fund D. Participants may, on a daily basis, immediately upon allocation, diversify their SSA among any of the Plan’s investment funds, although participants cannot make transfers into Funds D and E.











8

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Bonus Savings Account Program

The Bonus Savings Account (“BSA”) Program is designed to enable each eligible employee to receive an allocation representing all or a portion of his/her bonus in common stock. Under this program, a BSA allocation is credited to each eligible employee’s BSA established within the Plan. The portion of an employee’s bonus that can be allocated within the BSA program is determined based on the bonus amount earned, the total number of shares of common stock available for allocation, and other factors such as an employee’s income level and Internal Revenue Service (“IRS”) rules. This program is generally available to all employees in the United States who are participants in the Plan. However, due to IRS restrictions, employees who have not been a participant in the Plan for at least two years are unable to participate in the program, and employees with fewer than five years of service may be ineligible to receive a BSA allocation with respect to certain bonus periods. Employees are at all times fully vested in the value of their BSA and may elect to withdraw the balance of this account from the Plan immediately or at a later date. Any allocation is initially credited to Fund D. BSA balances are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Income Savings Account Program

The Income Savings Account (“ISA”) Program is designed to enable each eligible employee to receive an allocation representing a portion of his/her income in the form of common stock. Under this program, an ISA allocation of common stock is made each year to each eligible employee’s ISA. This program is generally available to all employees in the United States who are participants in the Plan, and who have at least five years of service as of July 2nd of the current year. Employees are at all times fully vested in the value of their ISA and may elect to withdraw the balance of this account from the Plan immediately or at a later date. Any allocation is initially credited to Fund D. ISA balances are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E.

Retiree Insurance Program

The Retiree Insurance Program was designed to provide funds that could be used by employees to purchase health and life insurance upon retirement. Under the Retiree Insurance Program, a Retiree Insurance Account (“RIA”) was established within the Plan for each eligible employee. Prior to September 1, 2010, shares from the Colgate Employer Common Stock Fund were allocated to each eligible employee’s RIA. Effective September 1, 2010, the Company only makes allocations into an RIA for employees who are members of one of the Hill’s Pet Nutrition, Inc. participating unions. Allocations are based upon the schedule that was in place as of the Plan year 2009. Participants are 50% vested in their RIA after two years of service and fully vested after three years of service, or if while active, reach age 55, become permanently disabled, die, or in the event of Plan termination. RIA allocations are made in the form of common stock to Fund D and are diversifiable, on a daily basis, immediately upon allocation, among any of the investment funds in the Plan, although participants cannot make transfers into Funds D and E. Employees are entitled to the value of the vested amount of their RIA upon resignation, termination or retirement.

Participant Accounts

Each participant account may be credited with the types of allocations described above as well as allocations of fund earnings or losses, and expenses. Depending on fund elections, certain participant investment accounts are also charged with monthly investment service fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Distributions

Participating employees can receive a distribution from the Plan due to retirement, permanent disability, termination or death. Unvested balances will be forfeited in the event of termination. In service withdrawals are available as specified by the Plan.




9

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Forfeitures

After the earlier of the distribution of the terminated participant’s vested account balances or the fifth anniversary of the participant’s termination, nonvested employer account balances are returned to the unallocated pool of Colgate common stock and become available to the Company to reduce future Company contributions and/or to pay for administrative expenses incurred by the Plan. The forfeiture balance as of December 31, 2015 and 2014 totaled $115 and $27, respectively. During 2015, the Company used $238 of forfeitures to reduce Company contributions.

Notes Receivable From Participants

Participants who have $1 or more in the Plan may borrow from the total of their fund accounts a minimum of $0.5 up to a maximum equal to the lesser of $50 (subject to certain offsets for prior loans) or 50% of their vested balance, subject to certain exclusions. Participants are allowed to have one ordinary loan and one loan related to the purchase of a principal residence outstanding at any time. The loans are secured by the balance in the participant’s account and bear a fixed rate of interest equal to the prime rate as listed in The Wall Street Journal on the first business day of the month in which the loan was requested. Principal and interest are paid ratably via payroll deductions. Loans outstanding at December 31, 2015 had interest rates ranging from 3.3% to 9.5% and maturities through 2030.

Plan Termination

Although the Company has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan at any time subject to the provisions of ERISA. In the event of termination of the Plan, the Employee Relations Committee of the Company (the “Committee”) shall compute and distribute the value of the accounts of the participants.


2.    Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Distributions to participants are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires the Plan administrator to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Cash and Cash Equivalents
 
The Plan considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Notes Receivable from Participants

Participant loans are stated at cost plus accrued interest. Interest income is recorded on an accrual basis. Delinquent loans are reclassified as distributions to participants based upon the terms defined in the Plan document.







10

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Investment Valuation and Income Recognition

The Plan’s investments, other than investments in common/collective trust funds and guaranteed investment contracts (“GICs”), are stated at fair value based on quoted market prices or as otherwise determined by Bank of New York Mellon, the Plan’s trustee.

The Plan is invested in common/collective trust funds which are stated at fair value using the net asset value (“NAV”) per unit in each fund. The NAV is based on the fair value of the underlying investments owned by each trust, minus its liabilities, divided by the number of shares outstanding. The liabilities, which are primarily investment management fees due, are included in Due to brokers for securities purchased in the Statements of Net Assets Available for Benefits. The common/collective trust funds are primarily comprised of a mix of equity and fixed income funds.

The Plan has entered into fully benefit-responsive GICs with insurance companies, banks and other financial institutions. The GICs represent investments that have fixed income securities paired with benefit-responsive wrap contracts. Wrap contracts are issued by high-quality financial institutions with primarily the following objectives: to provide a fixed rate of interest for a specified period of time and to enable the fund to pay participant-initiated withdrawals at book value.

The Statements of Net Assets Available for Benefits present both the fair value of the GICs and the adjustment of the fully benefit-responsive GICs from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

In certain circumstances, the amount withdrawn from the GICs would be payable at fair value rather than at contract value. These events include termination of the Plan, a material adverse change to the provisions of the Plan, if the employer elects to withdraw from a contract in order to switch to a different investment provider, or if the terms of a successor plan (in the event of the spin-off or sale of a division) do not meet the contract issuer’s underwriting criteria for issuance of a similar contract. Such circumstances, resulting in the payment of benefits at market value rather than contract value, are not considered probable of occurring in the foreseeable future.

Examples of events that would permit a contract issuer to terminate a contract upon short notice include the Plan’s loss of its qualified status, uncorrected material breaches of responsibilities, or material and adverse changes to the provisions of the Plan.  If one of these events was to occur, the contract issuer could terminate the contract at the fair value of the underlying investments (or in the case of traditional GICs, at the hypothetical fair value based upon a contractual formula).

Purchases and sales are recorded on a trade-date basis. Realized gains and losses from security transactions are reported using the average cost method. Dividend income is recorded on the ex-dividend date.

Administration

The Plan is administered by the Committee for the benefit of the participants. Administrative expenses are paid by the Plan.

Recent Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient", ("ASU 2015-12"). Part I eliminates the requirements to measure the fair value of fully benefit-responsive investment contracts but will continue to provide certain disclosures that help users understand the nature and risks of fully benefit-responsive investment contracts. Upon adoption, contract value will be the only required measure for fully benefit-responsive investment contracts. Part II eliminates the requirements to disclose individual investments that represent 5% or more of net assets available for benefits and the net appreciation or depreciation in fair value of investments by general type. Part II also simplifies the level of disaggregation of investments that are measured using fair value. Plans will continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics and risks.

11

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


Further, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III provides a practical expedient to permit plans to measure investments and investment-related accounts as of a month-end date that is closest to the plan’s fiscal year-end, when the fiscal period does not coincide with month-end. ASU 2015-12 will be effective for the Plan for reporting periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-12 is to be applied retrospectively. While the plan administrator is currently assessing the impact of Part I and Part II of the new standard, it does not expect this new guidance to have a material impact on the Plan’s financial statements. Part III of the standard is not applicable to the Plan.

In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Assets Value per Share (or Its Equivalent)”, (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 will be effective for the Plan for reporting periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-07 is to be applied retrospectively. While the plan administrator is currently assessing the impact of the new standard, it does not expect this new guidance to have a material impact on the Plan’s financial statements.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

3.
Tax Status

The Company has obtained a favorable determination from the IRS in a letter dated May 2, 2014 regarding the Plan’s qualified status. The Plan has been amended since the amendments considered under the determination letter. However, the Committee and the Plan’s tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. On January 29, 2016, the Company submitted to the IRS an application for a new determination letter.

U.S. GAAP requires the plan administrator to evaluate tax positions taken by the Plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015 and 2014, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years ended through December 31, 2009.
 


12

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


4.
Investments and Fair Value Measurements

Investments

As of December 31, 2015 and 2014, the Plan had investments in Colgate-Palmolive Company Common Stock, mutual funds, cash reserve funds, GICs and common/collective trust funds.

The following investments represent 5% or more of the Plan’s net assets as of December 31:
 
 
2015
 
2014
Colgate-Palmolive Company Common Stock, 28,832,582 and 31,032,104 shares, in 2015 and 2014, respectively
 
$
1,920,827

 
$
2,147,111


During 2015, the Plan’s investments (including gains and losses on investments purchased and sold, as well as held during the year) appreciated (depreciated) in value as follows: 
 
 
Colgate-Palmolive Company Common Stock
$
(76,889
)
Common/collective trust funds
7,262

Investments in registered investment companies
(16,879
)
Total net appreciation (depreciation) in the fair value of investments
$
(86,506
)

The GICs carry a crediting interest rate established at inception and reset periodically (typically quarterly) to approximate the interest earnings of the underlying investments, subject to certain minimums. For 2015, the average yield and the average crediting interest rate on the investment contracts were 2.0% and 2.4%, respectively. For 2014, the average yield and the average crediting interest rate on the investment contracts were 1.4% and 2.3%, respectively.

The contract value of a GIC is the relevant measurement for the portion of the net assets available for benefits attributable to a certain investment contract. The contract values of the GICs were $168,020 and $173,688 at December 31, 2015 and 2014, respectively. The fair values of the GICs were $172,657 and $181,111 at December 31, 2015 and 2014, respectively. In accordance with the provisions of the Plan, issuers of GICs must have a credit rating of AA- or better at the time they were hired under the fund manager’s investment rating system. Accordingly, there are no reserves against contract value for credit risk of the contract issuer or otherwise.

Fair Value Measurements

The Plan uses available market information and other valuation methodologies in assessing the fair value of financial instruments. Judgment is required in interpreting market data to develop the estimates of fair value and, accordingly, changes in assumptions or the estimation methodologies may affect the fair value estimates.

Assets and liabilities carried at fair value are classified as follows:
 
 
Level 1:
Based upon quoted market prices in active markets for identical assets or liabilities.
 
Level 2:
Based upon observable market-based inputs or unobservable inputs that are corroborated by market data.
 
Level 3:
Based upon unobservable inputs reflecting the reporting entity’s own assumptions.
 
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.


13

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


The valuation methodologies used for the Plan assets measured at fair value are as follows:
 
Colgate-Palmolive Company Common Stock: Valued at the closing price reported on the active market on which the individual securities are traded.

Mutual funds: Valued at the NAV of units held by the Plan at year end based upon quoted market prices. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s NAV per unit as of the redemption date.

Cash reserve funds: Valued at cost plus accrued interest, which approximates fair value. The funds have no restrictions from redemption.

Separately managed account fund: Valued based on the fair values of the underlying securities, which are valued using quoted prices on the active market on which the individual securities are traded.

Guaranteed investment contracts: Valued at the total of the fair value of the underlying securities.

Common/Collective trust funds: Valued using the NAV per unit in each fund.  The NAV is based on the value of the underlying investments owned by each trust, minus its liabilities, divided by the number of shares outstanding. The investments provide daily redemptions by the Plan with no advance notice requirements, and have redemption prices that are determined by the fund’s NAV per unit as of the redemption date.
 
The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2015:
 
 
Level 1
 
Level 2
 
Total
Colgate-Palmolive Company Common Stock
 
$
1,920,827

 
$

 
$
1,920,827

Mutual funds:
 
 
 
 

 
 

Balanced funds
 
143,301

 

 
143,301

Equity index funds
 
216,846

 

 
216,846

International equity funds
 
103,625

 

 
103,625

Equity funds
 
109,063

 

 
109,063

Fixed income funds
 
93,585

 

 
93,585

Cash reserve funds
 
38,593

 

 
38,593

Separately managed account fund
 
24,107

 

 
24,107

Guaranteed investment contracts:
 
 
 
 
 


Treasury and agency bonds
 

 
84,659

 
84,659

Corporate bonds
 

 
50,848

 
50,848

Commercial and residential mortgage-backed securities
 

 
24,084

 
24,084

Asset-backed securities
 

 
8,857

 
8,857

Other
 

 
4,209

 
4,209

Common/Collective trust funds
 

 
327,419

 
327,419

Total Investments at Fair Value
 
$
2,649,947

 
$
500,076

 
$
3,150,023



14

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


The following table presents the Plan’s fair value hierarchy for those investments measured at fair value at December 31, 2014:
 
 
Level 1
 
Level 2
 
Total
Colgate-Palmolive Company Common Stock
 
$
2,147,111

 
$

 
$
2,147,111

Mutual funds:
 
 

 
 

 
 

Balanced funds
 
146,777

 

 
146,777

Equity index funds
 
216,357

 

 
216,357

International equity funds
 
102,671

 

 
102,671

Equity funds
 
216,738

 

 
216,738

Fixed income funds
 
95,889

 

 
95,889

Cash reserve funds
 
37,255

 

 
37,255

Separately managed account fund
 
30,716

 

 
30,716

Guaranteed investment contracts:
 
 
 
 
 


Treasury and agency bonds
 

 
105,247

 
105,247

Corporate bonds
 

 
43,523

 
43,523

Commercial and residential mortgage-backed securities
 

 
27,492

 
27,492

Asset-backed securities
 

 
2,507

 
2,507

Other
 

 
2,342

 
2,342

Common/Collective trust funds
 

 
185,634

 
185,634

Total Investments at Fair Value
 
$
2,993,514

 
$
366,745

 
$
3,360,259






15

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


5.
ESOP Shares Trust

Information about the net assets and significant components of the changes in net assets relating to the investments maintained in Funds D and E is as follows:

 
 
December 31,
 
 
2015
 
2014
Assets:
 
 
 
 
Cash
 
$
1,566

 
$
2,845

Fixed income liquid reserve fund
 
755

 
1,016

Colgate-Palmolive Company Common Stock
 
1,603,262

 
1,841,160

Total assets
 
1,605,583

 
1,845,021

Liabilities:
 
 

 
 

Long-term note payable to Colgate-Palmolive Company
 
12,690

 
20,129

Accrued interest on long-term note
 
67

 
409

Total liabilities
 
12,757

 
20,538

Net assets available for benefits
 
$
1,592,826

 
$
1,824,483


 
 
Year Ended
December 31, 2015
Changes in net assets available for benefits:
 
Employer contributions
$

Dividends and interest, net of fees
35,491

Net appreciation (depreciation) in the fair value of investments
(65,685
)
Transfers to other funds
(88,562
)
Interest expense on long-term note
(810
)
Distributions to participants
(112,091
)
Increase (decrease) in net assets available for benefits
$
(231,657
)




16

COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements (continued)
(Dollars in thousands, except as indicated)


6.
Reconciliation to Form 5500

At December 31, 2015 and 2014, benefit distributions that have been processed and approved for payment as of such date but not yet paid of $123 and $99, respectively, are not reflected in the financial statements. For reporting to the Department of Labor, these amounts are reported as a liability on Form 5500.

7.
Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

8.
Related Party Transactions

As of December 31, 2015 and 2014, the Plan held shares of common stock of Colgate-Palmolive Company, the Plan Sponsor. Certain investments within the Employee Benefit Temporary Investment FD Fund are shares of funds managed by Bank of New York Mellon, the trustee of the Plan. Certain investments within the Dreyfus Treasury Prime Fund are shares of funds managed by Bank of New York Mellon’s affiliate, Dreyfus. As of December 31, 2015, the Plan had $9,546 and $9,704 invested in the Employee Benefit Temporary Investment FD Fund and Dreyfus Treasury Prime Fund, respectively. As of December 31, 2014, the Plan had $8,630 and $4,245 invested in the Employee Benefit Temporary Investment FD Fund and Dreyfus Treasury Prime Fund, respectively. These transactions qualify as party-in-interest transactions that are allowable under ERISA. Administrative fees paid to Bank of New York Mellon for the twelve months ended December 31, 2015 were $463.


17



SIGNATURES
 
The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
(Name of Plan)
 
 
Date:           June 24, 2016
/s/ Dennis J. Hickey
 
Dennis J. Hickey
 
Chief Financial Officer
 
Colgate-Palmolive Company
 
 
Date:           June 24, 2016
/s/ Victoria L. Dolan
 
Victoria L. Dolan
 
Vice President and Corporate Controller
 
Colgate-Palmolive Company


18


EIN:     13-1815595
PN:    003
SCHEDULE H



COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
PARTICIPANT LOANS
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)




(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of  investment including maturity date, rate of interest, collateral,  par, or maturity value
 
(e) Current value
 
 
 
 
 
 
 
 
 
Participant loans, maturities ranging from 1 to 15 years
 
3.3% - 9.5%
 
$
15,788

 
 
 
 
 
 
 

 
 
Total Participant Loans
 
 
 
$
15,788






                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)



(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
 
 
 
 
 
 
 
 
Colgate Separate Account Cash
 
0.27
%
$
13,022

 
$
13,022

 
Dreyfus Treasury Prime Fund
 
0.00
%
9,704

 
9,704

 
 
BNP Paribas SA
 
3.60
%
201

 
203

 
 
BPCE SA
 
Var Rate

251

 
251

 
 
Bank of America NA
 
Var Rate

250

 
250

 
 
Bank of Montreal
 
Var Rate

251

 
251

*
 
Bank of New York Mellon Corp
 
2.50
%
250

 
253

 
 
Bank of Tokyo-Mitsubishi
 
1.00
%
300

 
301

 
 
Bank of Tokyo-Mitsubishi
 
Var Rate

200

 
201

 
 
Berkshire Hathaway Inc
 
2.20
%
278

 
280

 
 
Boeing Capital Corp
 
2.13
%
202

 
203

 
 
Caterpillar Inc
 
5.70
%
258

 
263

 
 
Commonwealth Bank of Aust 144A
 
Var Rate

250

 
250

 
 
Credit Suisse USA Inc
 
5.38
%
227

 
231

 
 
Walt Disney Co
 
5.63
%
207

 
210

 
 
General Electric Capital Corp
 
5.00
%
425

 
436

 
 
ING Bank NV
 
4.00
%
277

 
280

 
 
International Bank for Reconst
 
0.63
%
250

 
251

 
 
International Business Machine
 
Var Rate

250

 
250

 
 
JPMorgan Chase & Co
 
Var Rate

375

 
376

 
 
Johnson & Johnson
 
2.15
%
352

 
353

 
 
Merck & Co Inc
 
2.25
%
500

 
506

 
 
National Australia Bank
 
3.00
%
203

 
205

 
 
Nordea Bank AB
 
0.88
%
275

 
276

 
 
Paccar Financial Corp
 
0.75
%
175

 
175

 
 
Royal Bank of Canada
 
2.88
%
201

 
203

 
 
Schlumberger Norge AS
 
1.95
%
202

 
203

 
 
Shell International Finance BV
 
Var Rate

250

 
250

 
 
Sumitomo Mitsui Banking Corp
 
0.90
%
250

 
251

 
 
Sumitomo Mitsui Banking Corp
 
Var Rate

276

 
276

 
 
Svenska Handelsbanken AB
 
Var Rate

500

 
501

 
 
Toronto-Dominion Bank
 
2.50
%
101

 
102

 
 
Toronto-Dominion Bank
 
1.50
%
252

 
253



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
Total Capital International SA
 
0.75
%
250

 
251

 
 
UBS AG/Stamford CT
 
Var Rate

250

 
250

 
 
US Bank NA/Cincinnati OH
 
Var Rate

250

 
250

 
 
Wells Fargo Bank NA
 
Var Rate

325

 
325

 
 
Wells Fargo Bank NA
 
Var Rate

300

 
300

 
 
Westpac BKG Corp N Y Instl C/D
 
Var Rate

500

 
501

 
 
Wyeth LLC
 
5.50
%
352

 
359

 
 
Total Cash Equivalents
 
 

 
$
33,256

 
 
 
 
 
 
 
 
 
 
Guaranteed Investment Contracts:
 
 
 
 
 
 
 
UNITED STATES TREASURY NOTE
 
1.75
%
3/31/2022

 
$
1,879

 
 
UNITED STATES TREASURY NOTE
 
0.88
%
4/15/2017

 
4,177

 
 
UNITED STATES TREASURY NOTE
 
2.25
%
4/30/2021

 
3,890

 
 
UNITED STATES TREASURY NOTE
 
1.50
%
5/31/2019

 
1,303

 
 
UNITED STATES TREASURY NOTE
 
1.00
%
12/15/2017

 
1,479

 
 
UNITED STATES TIPS
 
0.13
%
7/15/2022

 
1,809

 
 
UNITED STATES TREASURY NOTE
 
1.38
%
3/31/2020

 
3,371

 
 
UNITED STATES TREASURY NOTE
 
2.13
%
12/31/2021

 
414

 
 
UNITED STATES DEPT OF THE TREASURY
 
0.33
%
7/31/2016

 
1,001

 
 
UNITED STATES TREASURY NOTE
 
1.75
%
2/28/2022

 
3,075

 
 
UNITED STATES TREASURY NOTE
 
1.63
%
12/31/2019

 
11,603

 
 
UNITED STATES TIPS
 
0.13
%
4/15/2018

 
3,083

 
 
UNITED STATES TREASURY NOTE
 
1.63
%
6/30/2020

 
697

 
 
UNITED STATES TREASURY NOTE
 
1.75
%
9/30/2019

 
3,641

 
 
UNITED STATES TREASURY NOTE
 
1.25
%
10/31/2018

 
5,004

 
 
UNITED STATES TREASURY NOTE
 
2.25
%
11/15/2024

 
4,210

 
 
UNITED STATES TREASURY NOTE
 
2.38
%
8/15/2024

 
877

 
 
UNITED STATES TREASURY NOTE
 
1.88
%
5/31/2022

 
595

 
 
UNITED STATES TREASURY NOTE
 
1.50
%
11/30/2019

 
1,297

 
 
UNITED STATES TREASURY NOTE
 
0.88
%
10/15/2017

 
14,084

 
 
UNITED STATES TREASURY NOTE
 
3.63
%
2/15/2044

 
11

 
 
UNITED STATES TREASURY NOTE
 
0.88
%
1/15/2018

 
5,398

 
 
UNITED STATES TIPS
 
0.38
%
7/15/2023

 
2,705

 
 
UNITED STATES TIPS
 
0.13
%
4/15/2017

 
1,045



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
UNITED STATES TREASURY NOTE
 
1.63
%
8/31/2019

 
4,135

 
 
FEDERAL FARM CREDIT BANK SYSTEM
 
5.05
%
6/22/2018

 
1,854

 
 
FEDERAL HOME LOAN BANK SYSTEM
 
1.88
%
3/13/2020

 
302

 
 
VIRGINIA COMMONWEALTH TRANS BRD
 
5.35
%
5/15/2035

 
516

 
 
COMMONWEALTH OF PENNSYLVANIA
 
5.85
%
7/15/2030

 
693

 
 
DALLAS TEXAS INDEPENDENT SCHO
 
6.45
%
2/15/2035

 
475

 
 
LOUISIANA LOC GOVT ENVIRONMENTAL
 
1.52
%
2/1/2018

 
34

 
 
NEXTERA ENERGY CAPITAL HOLDINGS, IN
 
6.00
%
3/1/2019

 
261

 
 
NEVADA POWER COMPANY
 
6.50
%
5/15/2018

 
216

 
 
WISCONSIN POWER AND LIGHT COMPANY
 
5.00
%
7/15/2019

 
826

 
 
APPALACHIAN POWER COMPANY
 
4.60
%
3/30/2021

 
674

 
 
PACIFIC GAS AND ELECTRIC COMPANY
 
3.50
%
6/15/2025

 
178

 
 
DUKE ENERGY PROGRESS, LLC
 
5.30
%
1/15/2019

 
212

 
 
ORACLE CORPORATION
 
2.50
%
5/15/2022

 
295

 
 
NBC UNIVERSAL MEDIA, LLC
 
4.38
%
4/1/2021

 
519

 
 
NBC UNIVERSAL MEDIA, LLC
 
2.88
%
1/15/2023

 
126

 
 
DANAHER CORPORATION
 
3.35
%
9/15/2025

 
231

 
 
BP CAPITAL MARKETS P.L.C.
 
2.25
%
11/1/2016

 
461

 
 
DEVON ENERGY CORPORATION
 
3.25
%
5/15/2022

 
240

 
 
DIRECTV HOLDINGS LLC
 
3.95
%
1/15/2025

 
25

 
 
AGILENT TECHNOLOGIES, INC
 
3.20
%
10/1/2022

 
387

 
 
DIRECTV HOLDINGS LLC
 
4.45
%
4/1/2024

 
337

 
 
ENERGY TRANSFER PARTNERS, L.P
 
4.75
%
1/15/2026

 
88

 
 
ENERGY TRANSFER PARTNERS, L.P
 
3.60
%
2/1/2023

 
21

 
 
ENTERPRISE PRODUCTS OPERATING
 
3.75
%
2/15/2025

 
37

 
 
TIME WARNER INC
 
3.88
%
1/15/2026

 
174

 
 
HARRIS CORPORATION
 
2.70
%
4/27/2020

 
319

 
 
REYNOLDS AMERICAN INC
 
4.45
%
6/12/2025

 
262

 
 
ROPER TECHNOLOGIES, INC
 
3.00
%
12/15/2020

 
200

 
 
ANADARKO PETROLEUM CORPORATION
 
8.70
%
3/15/2019

 
406

 
 
WESTERN GAS PARTNERS, LP
 
3.95
%
6/1/2025

 
148

 
 
WALGREENS BOOTS ALLIANCE, INC
 
3.30
%
11/18/2021

 
392

 
 
DEVON ENERGY CORPORATION
 
4.00
%
7/15/2021

 
71



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
BUCKEYE PARTNERS, LP.
 
4.15
%
7/1/2023

 
176

 
 
HEWLETT PACKARD ENTERPRISE
 
4.90
%
10/15/2025

 
273

 
 
FISERV, INC
 
2.70
%
6/1/2020

 
273

 
 
ACTAVIS FUNDING SCS
 
3.80
%
3/15/2025

 
317

 
 
AMAZON.COM, INC
 
3.30
%
12/05/2021

 
282

 
 
VERIZON COMMUNICATIONS INC
 
2.45
%
11/1/2022

 
1,047

 
 
ACTAVIS FUNDING SCS
 
3.45
%
3/15/2022

 
607

 
 
AMPHENOL CORPORATION
 
3.13
%
9/15/2021

 
198

 
 
PENSKE TRUCK LEASING CO
 
4.88
%
7/11/2022

 
585

 
 
TIME WARNER CABLE INC
 
4.00
%
9/1/2021

 
154

 
 
ENBRIDGE INC
 
3.50
%
6/10/2024

 
126

 
 
FORD MOTOR CREDIT COMPANY LLC
 
5.88
%
8/2/2021

 
1,284

 
 
ENTERPRISE PRODUCTS OPERATING
 
3.35
%
3/15/2023

 
32

 
 
VERIZON COMMUNICATIONS INC
 
5.15
%
9/15/2023

 
722

 
 
MCKESSON CORPORATION
 
2.85
%
3/15/2023

 
193

 
 
EASTMAN CHEMICAL COMPANY
 
3.80
%
3/15/2025

 
318

 
 
KINDER MORGAN, INC
 
3.05
%
12/1/2019

 
277

 
 
21ST CENTURY FOX AMERICA, INC
 
3.70
%
9/15/2024

 
76

 
 
GLENCORE FUNDING LLC
 
2.50
%
1/15/2019

 
212

 
 
NOVARTIS CAPITAL CORPORATION
 
2.40
%
9/21/2022

 
669

 
 
SHELL INTERNATIONAL FINANCE B.V
 
2.13
%
5/11/2020

 
590

 
 
HALLIBURTON COMPANY
 
3.38
%
11/15/2022

 
222

 
 
MEDTRONIC, INC
 
2.50
%
3/15/2020

 
126

 
 
MEDTRONIC, INC
 
3.15
%
3/15/2022

 
204

 
 
HALLIBURTON COMPANY
 
3.80
%
11/15/2025

 
221

 
 
COMCAST CORPORATION
 
3.38
%
8/15/2025

 
179

 
 
ACTAVIS FUNDING SCS
 
3.85
%
6/15/2024

 
226

 
 
FOREST LABORATORIES, INC
 
5.00
%
12/15/2021

 
136

 
 
LIFE TECHNOLOGIES CORPORATION
 
5.00
%
1/15/2021

 
383

 
 
LYONDELLBASELL INDUSTRIES N.V.
 
5.00
%
4/15/2019

 
312

 
 
ABBVIE INC
 
3.20
%
11/06/2022

 
198

 
 
FIDELITY NATIONAL INFORMATION
 
3.63
%
10/15/2020

 
433

 
 
CIGNA CORPORATION
 
3.25
%
4/15/2025

 
268



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
WILLIAMS PARTNERS LP
 
3.60
%
3/15/2022

 
341

 
 
HUMANA INC
 
3.85
%
10/1/2024

 
378

 
 
ABBVIE INC
 
2.50
%
5/14/2020

 
470

 
 
ENTERPRISE PRODUCTS OPERATING LLC
 
5.25
%
1/31/2020

 
534

 
 
TELEFONICA EMISIONES, S.A.U.
 
5.46
%
2/16/2021

 
1,111

 
 
CCO SAFARI II, LLC
 
3.58
%
7/23/2020

 
51

 
 
SUNOCO LOGISTICS PARTNERS OPE
 
4.25
%
4/1/2024

 
88

 
 
AUTOMATIC DATA PROCESSING
 
3.38
%
9/15/2025

 
77

 
 
TIME WARNER CABLE INC
 
6.75
%
7/1/2018

 
169

 
 
FOREST LABORATORIES
 
4.38
%
2/1/2019

 
186

 
 
ANADARKO PETROLEUM CORPORATION
 
3.45
%
7/15/2024

 
184

 
 
CONOCO PHILLIPS COMPANY
 
3.35
%
11/15/2024

 
300

 
 
HP INC
 
4.30
%
6/1/2021

 
173

 
 
HALLIBURTON COMPANY
 
3.50
%
8/1/2023

 
74

 
 
APACHE CORPORATION
 
3.25
%
4/15/2022

 
144

 
 
HP INC
 
4.65
%
12/9/2021

 
823

 
 
MARRIOTT INTERNATIONAL, INC
 
2.88
%
3/1/2021

 
225

 
 
INTEL CORPORATION
 
3.70
%
7/29/2025

 
394

 
 
TIME WARNER CABLE INC
 
5.00
%
2/1/2020

 
27

 
 
CREDIT SUISSE AG-NEW YORK BRANCH
 
3.00
%
10/29/2021

 
849

 
 
ABBEY NATIONAL TREASURY SERVICES PL
 
4.00
%
3/13/2024

 
422

 
 
TD AMERITRADE HOLDING CORPORATION
 
2.95
%
4/1/2022

 
373

 
 
BANK OF AMERICA, NA
 
1.65
%
3/26/2018

 
923

 
 
JPMORGAN CHASE & CO
 
4.50
%
1/24/2022

 
1,757

 
 
KKR GROUP FINANCE CO. LLC
 
6.38
%
9/29/2020

 
204

 
 
U.S. BANCORP
 
2.95
%
7/15/2022

 
177

 
 
FEDERAL REALTY INVESTMENT TRUST
 
2.55
%
1/15/2021

 
150

 
 
AMERICAN EXPRESS CREDIT CORPORATION
 
2.38
%
3/24/2017

 
305

 
 
BRANCH BANKING AND TRUST COMPANY
 
3.63
%
9/16/2025

 
508

 
 
BIOMED REALTY, LP.
 
2.63
%
5/1/2019

 
266

 
 
SENIOR HOUSING PROPERTIES TRUST
 
3.25
%
5/1/2019

 
200

 
 
KIMCO REALTY CORPORATION
 
3.20
%
5/1/2021

 
452

 
 
VENTAS REALTY LIMITED PARTNER
 
2.70
%
4/1/2020

 
346



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
SELECT INCOME REIT
 
4.15
%
2/1/2022

 
123

 
 
SELECT INCOME REIT
 
3.60
%
2/1/2020

 
102

 
 
SELECT INCOME REIT
 
2.85
%
2/1/2018

 
50

 
 
BANK OF AMERICA CORPORATION
 
4.13
%
1/22/2024

 
53

 
 
AMERICAN CAMPUS COMMUNITIES
 
4.13
%
7/1/2024

 
407

 
 
CREDIT SUISSE GROUP FUNDING
 
3.75
%
3/26/2025

 
392

 
 
BNP PARIBAS
 
4.38
%
9/28/2025

 
471

 
 
NATIONAL RETAIL PROPERTIES, INC
 
4.00
%
11/15/2025

 
174

 
 
ALLIED WORLD ASSURANCE COMPANY
 
4.35
%
10/29/2025

 
296

 
 
HCP, INC
 
4.25
%
11/15/2023

 
401

 
 
AMERICAN INTERNATIONAL GROUP
 
4.88
%
6/1/2022

 
568

 
 
HEALTHCARE TRUST OF AMERICA
 
3.38
%
7/15/2021

 
150

 
 
AFFILIATED MANAGERS GROUP, INC
 
4.25
%
2/15/2024

 
591

 
 
WELLTOWER, INC
 
4.13
%
4/1/2019

 
188

 
 
THE HARTFORD FINANCIAL SERVICES GROUP
 
6.00
%
1/15/2019

 
118

 
 
BRIXMOR OPERATING PARTNERSHIP
 
3.85
%
2/1/2025

 
148

 
 
BANK OF AMERICA CORPORATION
 
4.00
%
4/1/2024

 
2,221

 
 
CITIGROUP INC
 
4.50
%
1/14/2022

 
875

 
 
CUBESMART, L.P.
 
4.80
%
7/15/2022

 
436

 
 
SUNTRUST BANK
 
7.25
%
3/15/2018

 
277

 
 
JPMORGAN CHASE & CO
 
4.40
%
7/22/2020

 
261

 
 
MORGAN STANLEY
 
2.65
%
1/27/2020

 
856

 
 
MORGAN STANLEY
 
5.50
%
7/28/2021

 
1,166

 
 
PNC BANK, NATIONAL ASSOCIATION
 
3.80
%
7/25/2023

 
625

 
 
ABBEY NATIONAL TREASURY SERVICES
 
3.05
%
8/23/2018

 
414

 
 
CITIGROUP INC
 
3.75
%
6/16/2024

 
485

 
 
INTESA SANPAOLO SPA
 
5.25
%
1/12/2024

 
574

 
 
INTESA SANPAOLO SPA
 
2.38
%
1/13/2017

 
431

 
 
SANTANDER BANK, NA
 
2.00
%
1/12/2018

 
601

 
 
SYNCHRONY FINANCIAL
 
3.00
%
8/15/2019

 
429

 
 
KILROY REALTY, L.P.
 
4.38
%
10/1/2025

 
283

 
 
BANCO BILBAO VIZCAYA ARGENTARIA
 
3.00
%
10/20/2020

 
500

 
 
WELLS FARGO & COMPANY
 
4.60
%
4/1/2021

 
576



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
KEYCORP
 
5.10
%
3/24/2021

 
264

 
 
SYNCHRONY FINANCIAL
 
2.60
%
1/15/2019

 
175

 
 
BARCLAYS BANK PLC
 
3.75
%
5/15/2024

 
384

 
 
SANTANDER ISSUANCES, S.A. UNIPE
 
5.18
%
11/19/2025

 
395

 
 
BPCE SA
 
4.00
%
4/15/2024

 
573

 
 
THE BANK OF TOKYO-MITSUBISH
 
2.15
%
9/14/2018

 
452

 
 
SUNTRUST BANK
 
2.75
%
5/1/2023

 
360

 
 
RETAIL OPPORTUNITY INVESTMENTS
 
4.00
%
12/15/2024

 
307

 
 
CREDIT SUISSE GROUP FUNDING
 
3.13
%
12/10/2020

 
250

 
 
BB&T CORPORATION
 
1.60
%
8/15/2017

 
302

 
 
MORGAN STANLEY
 
3.70
%
10/23/2024

 
581

 
 
ERP OPERATING, L.P.
 
4.63
%
12/15/2021

 
352

 
 
MORGAN STANLEY
 
4.00
%
7/23/2025

 
105

 
 
CS FIRST BOSTON MORTGAGE
 
5.50
%
7/25/2020

 
111

 
 
FNCN AE2033
 
3.50
%
9/1/2020

 
19

 
 
FGLMC G07505
 
7.00
%
2/1/2039

 
568

 
 
LB-UBS COMMERCIAL
 
5.34
%
11/15/2038

 
1,388

 
 
FGLMC G05532
 
5.50
%
8/1/2035

 
934

 
 
FGLMC G06348
 
4.50
%
2/1/2041

 
170

 
 
FNCI AL3757
 
5.00
%
3/1/2027

 
51

 
 
FNARM 756359
 
2.49
%
12/1/2033

 
61

 
 
FHARM 781013
 
2.44
%
11/1/2033

 
89

 
 
FNCL AL4316
 
7.00
%
3/1/2039

 
340

 
 
MORGAN STANLEY CAPITAL
 
5.73
%
7/12/2044

 
827

 
 
FHARM 1B0118
 
2.66
%
8/1/2031

 
7

 
 
WAMU 2004AR14 A1
 
2.58
%
1/25/2035

 
82

 
 
FEDERAL NATIONAL MORTGAGE
 
2.35
%
5/25/2022

 
495

 
 
MASTR ASSET SECURITIZATION
 
5.50
%
5/25/2033

 
115

 
 
FHARM 847589
 
2.42
%
9/1/2035

 
118

 
 
WELLS FARGO COMMERCIAL
 
3.54
%
12/15/2048

 
1,255

 
 
COMMERCIAL MORTGAGE
 
5.31
%
12/10/2046

 
2,362

 
 
FEDERAL HOME LOAN
 
0.73
%
8/15/2036

 
797

 
 
CREDIT SUISSE MORTGAGE
 
5.53
%
1/15/2049

 
1,510

 
 
COMMERCIAL MORTGAGE
 
5.29
%
12/10/2046

 
648

 
 
MERRILL LYNCH/COUNTR
 
5.17
%
12/12/2049

 
482



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
FGLMC G07961
 
3.50
%
3/1/2045

 
2,014

 
 
FHLMC MULTIFAMILY
 
1.88
%
5/25/2019

 
1,300

 
 
FNCL 805480
 
5.50
%
12/1/2034

 
739

 
 
CITIGROUP/DEUTSCHE
 
5.61
%
10/15/2048

 
937

 
 
BANC OF AMERICA MERRILL
 
5.84
%
5/10/2045

 
317

 
 
FEDERAL NATIONAL MORTGAGE
 
2.98
%
4/25/2022

 
831

 
 
FEDERAL HOME LOAN
 
2.09
%
3/25/2019

 
1,107

 
 
WACHOVIA BANK COMMERCIAL
 
6.01
%
6/15/2045

 
1,071

 
 
FEDERAL NATIONAL
 
1.52
%
12/25/2019

 
376

 
 
FEDERAL NATIONAL
 
1.80
%
12/25/2019

 
601

 
 
FHLB SECURITY-BACKED
 
2.71
%
9/25/2022

 
571

 
 
FEDERAL NATIONAL MORTGAGE
 
7.00
%
10/25/2042

 
139

 
 
FNCL 889061
 
6.00
%
1/1/2038

 
216

 
 
FGCI J13715
 
3.50
%
12/1/2020

 
3

 
 
FNARM 754671
 
2.05
%
10/1/2033

 
94

 
 
FNARM 748645
 
2.05
%
9/1/2033

 
117

 
 
FGLMC G06255
 
4.50
%
2/1/2041

 
223

 
 
FNARM 758612
 
2.05
%
11/1/2033

 
115

 
 
FNMA AL2293
 
4.38
%
6/1/2021

 
505

 
 
FNCL 889060
 
6.00
%
1/1/2038

 
226

 
 
FEDERAL HOME LOAN
 
3.50
%
10/15/2024

 
155

 
 
CHASE EDUCATION LOAN
 
0.67
%
12/28/2023

 
166

 
 
ALLY AUTO RECEIVABLE
 
1.21
%
12/20/2017

 
399

 
 
GOAL CAPITAL FUNDING
 
0.51
%
11/25/2026

 
70

 
 
AMERICAN EXPRESS CREDIT
 
1.49
%
4/15/2020

 
851

 
 
ACCESS GROUP, INC
 
0.50
%
8/25/2023

 
133

 
 
GMF FLOORPLAN OWN
 
1.65
%
5/15/2020

 
741

 
 
NELNET STUDENT LOAN TRUST
 
0.49
%
8/23/2027

 
684

 
 
SLM STUDENT LOAN TRUST
 
0.55
%
1/25/2023

 
172

 
 
SLM STUDENT LOAN TRUST
 
0.39
%
10/25/2022

 
58

 
 
NELNET STUDENT LOAN TRUST
 
0.72
%
6/22/2026

 
343

 
 
HIGHER EDUCATION FUNDING
 
0.53
%
2/25/2030

 
246

 
 
WACHOVIA STUDENT LOAN
 
0.45
%
1/26/2026

 
138

 
 
SOUTH CAROLINA STUDENT LOAN
 
0.99
%
5/1/2030

 
484

 
 
BARCLAYS DRYROCK ISSUAN
 
2.41
%
7/15/2022

 
857

 
 
SLM STUDENT LOAN TRUST
 
0.43
%
7/25/2025

 
660



                                            
EIN:     13-1815595
PN:    003
SCHEDULE H


COLGATE-PALMOLIVE COMPANY
EMPLOYEES SAVINGS AND INVESTMENT PLAN
SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
SHORT TERM FIXED INCOME FUND
AS OF DECEMBER 31, 2015
(Dollars in thousands, except as indicated)

(a)
 
(b) Identity of issuer, borrower, lessor or similar party
 
(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
 
(e) Current value
 
 
SLC STUDENT LOAN TRUST
 
0.62
%
3/15/2027

 
718

 
 
NORTHSTAR EDUCATION
 
0.49
%
7/30/2018

 
147

 
 
SLM STUDENT LOAN TRUST
 
0.41
%
10/25/2024

 
426

 
 
DISCOVER CARD EXECUTION
 
1.90
%
10/17/2022

 
493

 
 
CENTERPOINT ENERGY
 
0.90
%
4/15/2018

 
176

 
 
CAPITAL ONE MULTI-ASSET
 
1.39
%
1/15/2021

 
895

 
EB TEMPORARY INVESTMENT FUND
 
0.27
%
 
 
4,209

 
 
Total Guaranteed Investment Contracts
 
 
 
 
$
172,657

 
 
 
 
 
 
 
 
 
 
Total Fund A
 
 
 
 
$
205,913